Genuine 5m 4R/R system

Quoting rifid

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{quote} Ok i see what you have done,thats not quite what we are looking for ,your us/y and gb/y trades were correct but not your cad or e/y. What you need to look for is a line of resistance or support and the retracements getting smaller as the price gets closer the S/R. We need to keep it tight otherwise we end up just taking anytrade and the whole system falls apart. Keep up the good work

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Quoting mario777

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{quote}rifid, thanks for your comments. Here was my EJ setup. Was it not valid? {image}

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Quoting mike727

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great thread Rifid enjoying it no set ups at present for - it will be great im sure my own 5 min system has started to suffer lately because of the reduced av. daily range

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Quoting sam2vt

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Morning rifid, Why do you think u/y is short? isn't uptrend now? Base on your comment on u/y, I have attached the file. is it what you are seeing? {image}

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Quoting Kitara

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Hello and thank you for sharing. I was reading your thread and have been stalking u/j myself tonight. For this particular trade, do you put in a sell stop a pip below the line when you know the last retracement is lower than the previous in between the points? Or do you do a market order during the breakout? My husband and I trade together too. I hope you don't mind me asking, but do you and your wife take shifts? Or do you just trade one or two sessions at the same time watching 2 pairs each?

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Quoting Kitara

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Thanks for the response. Yes, it does it make it easier to blame bad trades when you have a partner Would this be a valid setup on e/j? If a 5 min candle didn't break the last low as shown in the trendline? {image}

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Quoting rifid

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{quote} I would not take this trade, regardless of how good it looked ,rather than explain why ,can anybody watching please explain to Kitara why this would not be a good trade? If you have read all my posts you would know why this is a higher risk trade.

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Quoting Kitara

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LOL! Thanks for that. I know why, the higher TF resistance. But thanks for letting me be a teaching moment. What about A/J? It has room to move up to meet the last high. Do you like the breakout range to be a bit wider though? {image}

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Quoting danzka

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thanks for sharing Rifid, actually from the supply demand perspective, each time price comes back to a level, the more order is filled and the bounce getting smaller each time before finally breaks the level I like it, it's like the other alternative to trade supply demand for me please forgive me if its out of topic, just want to share my comment will be following this thread

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Quoting rifid

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{quote} Good comment Danzka,shows you have grasp the idea of this method ,not hard is it. The reason why this system works {most of the time} is it just follows basic trading principles and price action, you just need to find these set ups in the correct position on the chart ,once you have trained you eyes to detect them as they are forming it will become much easier ,rather than see it after the fact, it takes some practice ,but it is worth it. Thanks for the comment

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Quoting danzka

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{quote} works most of the time is all we need isn't it

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